THE BASIS POINT

How To Track The $700b Bailout

The NY Times has an interactive chart to track the Treasury’s $700b TARP (Troubled Asset Relief Program). Almost half of funds have been committed by the Bush administration and they announced this week that the remaining funds would be allocated by the Obama administration. As of this morning, it looks like Hillary Clinton is Obama’s pick for Secretary of State, so now maybe he can move onto his pick for Treasury Secretary to replace Henry Paulson. The rumored short list includes New York Fed president Tim Geithner, a key player in this credit crunch management from the beginning, and former Treasury Secretary from 1999-2001 Lawrence Summers.